The fashion apparel retailer narrowed its first-quarter loss amid sales increases across every category and raised its full-year guidance at a time when many retailers, from Walmart to Abercrombie & Fitch, are doing just the opposite.
Express has been working to transform its business, with an increased emphasis on digital sales, product extensions and expansions and a relaunch of its loyalty program. It also is opening smaller stores under the Express Edit banner, with five locations at the end of the first quarter.
The company opened its first women’s only Express Edit store in March, in St. Louis. It plans to open stores in Manhattan’s Soho and Flatiron neighbourhoods, and on Newbury Street in Boston. It also plans to open a men’s-only store in 2022.
Express is also expanding UpWest, a digitally-native, direct-to-consumer “purpose-driven” brand that it acquired in 2019. It opened three stores in the first quarter, for 10 in total. It plans to open five more locations by the end of year. Express reported a net loss of $11.9M, or $0.18 a share, for the quarter ended 30 April, compared with a loss of $45.7M, or $0.70 a share, in the year-ago period. The adjusted loss was $0.10 a share. Analysts had expected a loss of $0.13 a share.
